“I don’t have enough investment experience to launch a fund.”
This is one of the most common reasons people hesitate to start raising. And it’s based on a fundamental misunderstanding of what track record actually means.
“This is one of the most misused terms in the industry,” says Mike Suprovici, Head of Acceleration at Decile Group. “People think track record means I’ve invested in X number of companies. It’s not just that.”
What Track Record Really Means
Track record is proof that you can generate value in the area where you’re claiming expertise. Investment returns are one form of that proof. But they’re far from the only form.
“It could be that you’ve helped a whole bunch of companies be very successful,” Suprovici explains. “You’ve helped companies raise money. You’ve helped companies get their first customers.”
If you’ve been an advisor, a mentor, an accelerator leader, or a founder who built relationships across an industry, you have track record. You just need to quantify it correctly.
How to Frame Your Non-Investment Track Record
The key is making your impact specific and measurable.
“If you were an advisor into these companies, hey, because you advised them, they were able to raise a Series B,” Suprovici suggests. “Leveraging the partner’s advisory track record which has helped 50 companies raise Series B. That’s quantifiable.”
Think about the outcomes you’ve contributed to:
Companies you advised that went on to raise significant rounds
Startups you helped land their first major customers
Founders you mentored who achieved exits
Ecosystems you built that generated consistent deal flow
These all count. They demonstrate that you have the judgment, relationships, and skills to identify and support winning companies.
The Critical Requirement: It Has to Be On Thesis
Here’s where many aspiring fund managers stumble. Your track record needs to align with your investment thesis.
“Even if you’re a very successful angel and none of your investments are in the thesis that you’re trying to perform, you’re going to have a really hard time raising money,” Suprovici warns.
If your background is in healthcare and you’re trying to raise a crypto fund, that disconnect will kill your fundraise before it starts. LPs will immediately question why you’re the right person to make investment decisions in an area where you have no demonstrated expertise.
“Your background needs to fit the thesis. If it doesn’t line up, it just doesn’t work.”
What About Zero Investment Experience?
Can you launch a fund with no angel investments at all?
Yes. VC Lab has helped many people with zero investment experience launch successful funds. But they had something else: a compelling reason why they were uniquely qualified to succeed.
“They had a pretty amazing secret sauce that made them uniquely qualified to do really well,” Suprovici says. “It’s not just about investment experience.”
That secret sauce might be:
Deep operator experience in a specific industry
A massive network of founders in your target sector
Technical expertise that lets you evaluate deals others can’t
A platform (accelerator, community, content) that gives you unique deal flow
The point is differentiation. What do you have that other fund managers don’t?
Stop Waiting, Start Testing
If you’re holding back because you think you need more track record, consider this: the best way to build track record is to start.
VC Lab is designed to stress test your thesis with real limited partners within weeks. That feedback is worth more than years of preparation.
“We have a lot of people with no investment experience that have launched a fund,” Suprovici notes. “But they had a clear reason why they were the right person.”
You might have that reason already. There’s only one way to find out.
The Decile Group develops industry-leading offerings to transform venture capital into an ethical force for good in the world, including VC Lab, Decile Hub, Decile Partners and Decile Capital.
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